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FPA President Tom Potts is optimistic about efforts in Washington, D.C., to encourage more regulation of the financial-planning industry. "The term 'financial planner' has been misused and abused in so many ways over the years that we would like a clarification to where we have a recognized, regulated profession of financial planning," Potts said. "We think that just makes sense for the public." In this Q&A he discusses the FPA's five standards of care and what advisers can do to help restore confidence and trust in the industry.

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Americans haven't been good financial stewards, writes Paul Fain, a financial planner who notes that we need a "thoughtful balance between planning for our todays and our tomorrows; between wants and needs; between ourselves and our children." Fain writes that money from our ancestors can and should be managed carefully to ensure the security of and improve the lives of future generations.

The Senate version of the financial-overhaul bill passed last week doesn't directly address the fiduciary standard, leaving the issue in the hands of the conference committee that will reconcile the House and Senate versions of the bill. "It's hard to say which [policies] will prevail and which will be considered trade-offs to get something through quickly," said FPA Director of Government Relations Dan Barry.

The 401(k) balances of young people, new investors and consistent savers have rebounded relatively well in the past two years. Account balances overall have improved significantly since last year, with the average Fidelity 401(k) account holding $66,900 at the end of the first quarter, up 41% from a year ago. But retirees, life-long savers and long-tenured workers had the shakiest time recovering.

Work defines people to some extent, and many people don't have a plan for what they will do when they retire, writes Sam Hull. Finding an answer that fits your values and goals and gives your life a measure of satisfaction is key, he explains.

Women need to take a vested interest in their finances and the finances of the family, experts say. Whether married or not, women should be completely aware of their financial situation and be able to plan for their future and retirement.